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CASE STUDY

The Edge at Lakeside

Market: Jacksonville, FL
Built in: 1997
Units: 200
Acquired:  September 2019

Property Characteristics

The community features 2-story wood frame construction with both townhomes and flat-style apartments. All homes boast spacious floor plans and ground floor homes have patios. The community is positioned just a few miles from primary thoroughfares and Blanding Boulevard providing excellent access to major employment hubs including Cecil Commerce Center with over 5,000 employees of Amazon, Boeing, GE, and FedEx, and with a mall and a Costco just minutes away.

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Improvements Applied

This property was a fractured condominium sale and the previous owner had to buy several buildings in recent years to put the property back together. As a result, the management of the units and facilities was also fractured, enabling lower than market value rents and management inefficiencies. Since take over, a comprehensive renovation program was implemented including painting the entire property exterior, repairing all patios and staircases, implementing major landscaping improvements, and complete renovation and remodeling of the leasing office and clubhouse. In addition, the property was rebranded with a new name and signage package. These upgrades in addition to numerous operational improvements have proven very successful resulting in a significant improvement to NOI.

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